As May draws to a close, the price trajectory of Dogecoin has become a focal point for investors and analysts alike. Over the course of the month, this meme-based cryptocurrency has experienced a substantial increase of approximately 30%. However, recent forecasts generated by a machine learning algorithm employed by Coincodex suggest that this upward momentum may not persist. The model predicts a downward trend toward the end of May, with Dogecoin’s price expected to decline to around $0.220052 on May 28 and further drop to approximately $0.217269 on May 29. By May 30 and 31, the price is projected to hover near $0.214764 and $0.213578, respectively.
Data from Cryptorank corroborates the significant gains Dogecoin has made this month, having surpassed the psychological threshold of $0.20 following Bitcoin’s recent rally. Despite these gains, the machine learning projections indicate that the current bullish phase may be short-lived, with a bearish correction likely to dominate as the month concludes. Should the market avoid any major shocks, May could still represent Dogecoin’s strongest monthly performance for the year, given that positive monthly returns have only been observed in January and April so far.
Looking ahead, historical trends suggest that June has traditionally been a challenging period for Dogecoin, marked by price declines over the past eight years. Nonetheless, there have been instances where Dogecoin has recorded double-digit gains in June, implying that any upward move during this month could be particularly notable.
Adding to the mixed outlook, prominent crypto analyst Trader Tardigrade recently highlighted Dogecoin’s Relative Strength Index (RSI) on the platform X as a potential indicator of a price surge, projecting a possible rise to $0.90. Meanwhile, analyst Ali Martinez has identified the resistance range between $0.24 and $0.26 as critical; surpassing this level could pave the way for a short-term rally toward $0.46.
Currently, Dogecoin is trading near $0.22, having experienced a roughly 2% decline over the past 24 hours. Overall, the price outlook for the remainder of May leans toward a modest bearish trend, but market participants are advised to monitor conditions closely in June, given the historical volatility typically observed during this period.
